Forex Analysis: EUR/JPY Classic Technical Report 11.23.2012
Prices took out resistance at 105.54, the 50% Fibonacci expansion, exposing the 61.8% barrier at 106.79. A further break above that targets the 76.4% expansion at 108.32. The 105.54 level has been recast as support and is reinforced by a previously broken rising channel top at 105.20.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.